HILLSBORO, Ore. (AFX) - Chip maker Lattice Semiconductor Corp. swung to a fourth-quarter profit, driven by higher sales and fewer restructuring charges.
The company on Thursday reported a profit of $937,000, or a penny per share, compared with a loss of $23 million, or 20 cents per share, in the prior-year period.
The current quarter's results were impacted by $3.8 million in charges, while the previous year's were hurt by $15.7 million in costs.
On an adjusted basis, Lattice had a profit of $4.8 million, or 4 cents per share, in the latest period versus a loss of $7.3 million, or 6 cents per share, a year ago.
Analysts polled by Thomson Financial were expecting an adjusted profit of 3 cents per share.
Quarterly revenue increased 14 percent to $61.8 million from $54 million.
'We delivered a full-year profit for the first time since 2000. This was a direct result of our operational restructuring implemented a year ago, which reduced annual operating expenses by about $30 million, combined with industry-leading revenue growth,' President and Chief Executive Steve Skaggs said in a statement.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
© 2007 AFX News
